China will be beating the United States inside the race for 5G

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The global race to own 5G technology will be on — in addition to China will be winning.

in which’s according to a report released Monday by CTIA, a trade association for the US wireless industry.

The study, which was conducted by telecom research firms Analysys Mason in addition to Recon Analytics, found in which China will be most prepared to launch the next generation of super-fast wireless technology. South Korea will be second, while the United States ranks third.

Around the earth, mobile carriers are sprinting to adopt 5G networks, which will ultimately be used to power self-driving cars, virtual reality in addition to smart cities. Whichever country gets 5G networks up in addition to running first will have a huge global investment in addition to hiring advantage.

The US wireless industry will be prepared to pump $275 billion into 5G deployment, which could create up to 3 million fresh jobs in addition to boost the country’s GDP by $500 billion, according to a 2017 Accenture study also commissioned by CTIA.

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nevertheless right at This kind of point, there’s fear in which the United States lags behind.

“China holds a narrow lead inside the race to 5G thanks to a combination of industry momentum in addition to government support,” the CTIA report said.

There are a few things in which need to happen to make a broad commercial rollout of 5G a reality.

Companies need to invest in research in addition to development. nevertheless the government also needs to allocate additional radio frequencies to wireless companies, since 5G requires more bandwidth.

The CTIA analysis notes in which Beijing plans to deploy 5G on a large commercial scale by 2020, in addition to China’s top carriers have all pledged to meet This kind of timeline. The Chinese government has also already distributed a Great portion of the necessary radio frequencies.

“China benefits by extensive coordination between government in addition to industry when This kind of comes to telecom,” said Dan Hays, a consultant at PricewaterhouseCoopers who specializes in telecom issues.

South Korea, meanwhile, gained a lot of momentum due to This kind of year’s Winter Olympics, which provided “a focal point for early investment, research, in addition to trials,” according to the report.

The United States, in third place, remains “near the top,” the report said. Wireless providers like Verizon (VZ) in addition to AT&T (T) are charging ahead, in addition to want to start launching their 5G technology in select markets before the end of 2018.

Despite the current state of affairs, many experts still believe the United States could come out on top inside the end.

“We may have lost some early battles inside the war for 5G supremacy, nevertheless we haven’t yet lost the war,” Hays said.

Related: 5G will be helping make Pyeongchang the most high-tech Olympics ever

However, some obstacles remain.

The United States needs a clearer schedule for the allocation of radio frequencies, like what’s been announced in China in addition to South Korea, CTIA said. Plus, lawmakers still need to enact some necessary legislation to make way for an infrastructure overhaul, according to the report.

CTIA itself will be lobbying for such reforms.

“The United States will not get a second chance to win the global 5G race,” CTIA President Meredith Attwell Baker said in a statement. ” … Today’s research highlights the importance of policymaker action in 2018.”

The US government has indicated before in which This kind of wants to win the 5G race, in addition to will be cognizant of the threat coming by China.

Last month, President Donald Trump blocked Broadcom’s $117 billion bid for Qualcomm (QCOM) due to national security concerns.

The deal, which might have combined two computer chip makers, had been under investigation by the Committee on Foreign Investment inside the United States, or CFIUS.

The inter-agency panel, which vets deals in which could give a foreign investor control of a US business, said one big concern will be in which a takeover might cause the United States to fall behind on the development of 5G technology, allowing China to take the lead.

Qualcomm, a leader on 2G in addition to 3G wireless network technology, has been investing heavily in 5G research.

CNNMoney (fresh York) First published April 16, 2018: 5:01 PM ET

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